Investment Sale of Fairgreen Shopping Centre, Mullingar
Dublin, March 2019 – Property advisors CBRE have finalised the sale Fairgreen Shopping Centre in Mullingar. Fairgreen Shopping Centre is a prominent retail scheme in the centre of Mullingar Town comprising 5,511 sq. m. (59,321 sq. ft.) of high-quality retail accommodation. The scheme is majority let with the exception of one vacant unit and producing a net rental income of approximately €725,000 per annum. The agents brought this to the market quoting price of €8.6 million represents a net initial yield of 7.78%, capital value of €145 per sq. ft. and have achieved a price below this however witnessed positive demand for the asset due to its potential to provide strong return.
Fairgreen Shopping Centre was constructed in 2005 and has since established itself as an indispensable retail scheme in Mullingar town, anchored by Penney’s (owner occupied) and TK Maxx. Costa Coffee joined the scheme in 2016 and have proven to be a positive footfall driver. Footfall in the scheme is currently 1.5 million per annum. The scheme comprises 8 retail units, consisting of 2 anchor units and 6 retail units laid out in a linear mall. In addition to the anchor tenant’s retailers include New Look, Elvery’s and Dealz and recently added DV8.
Fairgreen Shopping Centre is strong retail scheme which is suited to and well established within Mullingar. The centre has a complimentary tenant mix, strong anchors and a good profile which allow it to consistently attract footfall and trade well. As expected the centre attracted interest from a number of prospective purchasers who saw benefit in carrying out short term asset management to achieve strong and stable returns.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie